TAS/EDE relative values, page-810

Any cash held by Noble should show in the TAS accounts, after all the EDE cash shows there. There is a lot we don't know about the internal workings. Another thing we don't know is how the directors will convert their options as they fall due. The recent conversion of options by the directors was likely paid for by the fees they received from the companies and will mainly be used to pay for their fees and payment for their services and expenses. One doesn't travel first class back and forth between Aus and the USA, expenses covered, at no cost.

Oh just remembered that travel is at the expense of EDE and not TAS. Easy to get confused with the complicated company structure, who pays for what and who controls the cash held by each.